Completed executions-bankruptcy, Financial Accounting

Completed executions

A judgement creditor cannot retain the "benefit" of an execution or attachment, unless he has completed it-

  1. Before the date of the receiving order, and
  2. Without notice of the presentation of a petition or the commission of an available act of bankruptcy,   

But he can retain any money received by him before that date (Re Andrew).

If the judgement exceeds Shs 400 the bailiff must retain the proceeds of sale for 14 days, and us hand over the proceeds to O.R. or trustee, of notice of a petition is served on him during that time; and the same applies if, before sale, notice is served on him that a receiving order has been made.

The court has discretion to set aside these rights in favour of the creditor if it thinks fit.

Posted Date: 12/13/2012 12:31:46 AM | Location : United States







Related Discussions:- Completed executions-bankruptcy, Assignment Help, Ask Question on Completed executions-bankruptcy, Get Answer, Expert's Help, Completed executions-bankruptcy Discussions

Write discussion on Completed executions-bankruptcy
Your posts are moderated
Related Questions
State the term Reliability- Accounting Information Accounting must be free from significant error or bias. It must be capable of being relied upon by managers to represent


Ask qCamp Corp had the following balances in its stockholders'''' equity at jan 1: Common stock, $2, par value, 450,000 shares issued $900,000 Additional pd in capial 1,200,000 Ret

Use of Professional Skepticism when Evaluating the Results of Testing - AUDITOR should conduct the audit of internal control over financial reporting and audit of financial stateme

Calculating Present Value [LO1]  An investment will pay you $43,000 in 10 years.  If the appropriate discount rate is 7 percent compounded daily, what is the present value?


Promissory Note - Evidence of a DEBT with specific amount due and interest rate. Note may specify a maturity date or it may be payable on demand. Promissory note may or may not acc

CONSOLIDATED BALANCE SHEET The consolidated balance sheet involves adding assets and liabilities of the subsidiary to those of the holding company while excluding inter-company

Q. Primary restriction of making demand? The primary restriction of making demand forecasts lies in the fact that they are forecasts and hence their reliability is unknown. Mos

Q. What is Contractor Ledger? Accounts relating to contractors should be kept as personal accounts in contractor's ledger and a separate folio should be opened in the Contracto